If a taxpayer receives a K-1 form from a trust that reports net operating loss carryover under final year deductions what good is it? tax payer does not itemize.
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NOL have nothing to do with itemizing. NOL are "above the line" adjustments.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content. -
Correct. Itemization not required.
Check the 1041 K1 line by line instructions to which line/schedule it flow on the 1040. There is a worksheet for the 1040.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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I got it. Drake requires a couple steps to get NOL's to report correctly. Thanks.Comment
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